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Morocco plans to sell dollar notes due 2027, 2032 and 2050
By Rebecca Melvin
New York, Dec. 8 – The Kingdom of Morocco initiated the sale of three tranches of dollar-denominated notes with seven-, 12- and 30-year tenors (expected ratings: /BBB-/BB+), according to a market source on Tuesday.
Pricing was tightened from initial talk, and order books stood in excess of $8 billion with some skew to the longer tranches at the U.S. financial markets open.
The seven-year notes were guided to yield in the mid-swaps plus 195 basis points area from initial price talk in the area of 215 bps over mid-swaps.
The 12-year notes were guided to yield in the mid-swaps plus 225 bps area from initial talk in the area of mid-swaps plus 250 bps.
The 30-year notes were guided to a 4¼% area yield from initial talk in the area of 4½%.
Barclays, BNP Paribas, JPMorgan and Natixis are joint lead managers of the deal, which was being marketed under Rule 144A and Regulation S.
Final pricing was expected to occur later Tuesday.
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